Tech

Alibaba Well being raises $1.three billion in HK’s largest secondary share sale in 5 years

Summary

HONG KONG Alibaba Well being Data Know-how has raised practically $1.three billion in Hong Kong’s largest follow-on share sale since 2015, and business consultants say this might immediate extra companies to faucet buyers for money within the Asian monetary […]

HONG KONG Alibaba Well being Data Know-how has raised practically $1.three billion in Hong Kong’s largest follow-on share sale since 2015, and business consultants say this might immediate extra companies to faucet buyers for money within the Asian monetary hub.

The Chinese language firm, an arm of web retail large Alibaba Group, mentioned on Wednesday it will challenge 499 million new shares priced at HK$20.05 ($2.59) apiece, an 8% low cost to the inventory’s HK$21.80 closing worth in Hong Kong on Tuesday.

Alibaba Well being shares had been down 2.75% at HK$21.20 within the first session for the reason that deal was finalised.

The scale of the deal was elevated by 25% throughout the institutional bookbuild in a single day on excessive demand from buyers. That is the most important ever healthcare follow-on in Hong Kong.

The transaction, in response to consultants, might set off extra capital raisings in Hong Kong as firms benefit from constructive sentiment in the direction of healthcare shares amid the coronavirus pandemic.

“Observe-on offers might be carried out in a short time, it comes all the way down to sentiment and worth,” mentioned a capital markets lawyer, who couldn’t be named as a result of he was not authorised to talk to media.

“Corporations in healthcare and biotech are doing very nicely, I feel we are going to see extra offers like this taking place in Hong Kong.”

The deal was the most important Hong Kong follow-on share sale since CSPC Pharmaceutical Group’s $1.26 billion transaction in 2015, Refinitiv knowledge confirmed.

Forward of the Alibaba Well being deal, Hong Kong’s fairness capital markets volumes for 2020 stood at $42.7 billion versus $22.three billion on the identical time final yr, Dealogic knowledge reveals.

Alibaba Well being mentioned the money could be used to develop its pharmaceutical e-commerce enterprise, which has benefited from the expansion of the net service sector amid the well being disaster.

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($1 = 7.7503 Hong Kong {dollars})

Disclaimer: This submit has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor


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